# Eurozone vs Non-Eurozone Savings Decomposition

| Model | Dep Var | N | Countries | R2 |
|---|---|---|---|---|
| EZ: Z -> savings | gross_national_savings_gdp | 354 | 18 | -0.147 |
| non-EZ: Z -> savings | gross_national_savings_gdp | 3,965 | 155 | 0.186 |
| EZ: Z -> govt_saving | govt_saving_gdp | 369 | 18 | 0.181 |
| non-EZ: Z -> govt_saving | govt_saving_gdp | 4,805 | 174 | 0.041 |
| EZ: Z -> private_saving | private_saving_gdp | 354 | 18 | 0.210 |
| non-EZ: Z -> private_saving | private_saving_gdp | 3,674 | 154 | 0.115 |

## Key Coefficients

| Model | Variable | Coef | SE | p-value | Sig |
|---|---|---|---|---|---|
| EZ: Z -> savings | Z_1 | 11.0354 | 46.1737 | 0.8112 |  |
| EZ: Z -> savings | Z_2 | -2.8839 | 6.0297 | 0.6328 |  |
| EZ: Z -> savings | Z_3 | 0.1421 | 0.2285 | 0.5345 |  |
| non-EZ: Z -> savings | Z_1 | 92.6377 | 16.6115 | 0.0000 | *** |
| non-EZ: Z -> savings | Z_2 | -11.7455 | 2.4980 | 0.0000 | *** |
| non-EZ: Z -> savings | Z_3 | 0.4155 | 0.1018 | 0.0000 | *** |
| EZ: Z -> govt_saving | Z_1 | -50.7535 | 27.4498 | 0.0653 | * |
| EZ: Z -> govt_saving | Z_2 | 6.9554 | 3.6688 | 0.0588 | * |
| EZ: Z -> govt_saving | Z_3 | -0.2613 | 0.1385 | 0.0600 | * |
| non-EZ: Z -> govt_saving | Z_1 | 24.4257 | 7.8336 | 0.0018 | *** |
| non-EZ: Z -> govt_saving | Z_2 | -3.4400 | 1.1752 | 0.0034 | *** |
| non-EZ: Z -> govt_saving | Z_3 | 0.1322 | 0.0478 | 0.0057 | *** |
| EZ: Z -> private_saving | Z_1 | -74.1074 | 45.4293 | 0.1037 |  |
| EZ: Z -> private_saving | Z_2 | 8.5991 | 6.0472 | 0.1559 |  |
| EZ: Z -> private_saving | Z_3 | -0.2960 | 0.2281 | 0.1952 |  |
| non-EZ: Z -> private_saving | Z_1 | 60.2166 | 16.3462 | 0.0002 | *** |
| non-EZ: Z -> private_saving | Z_2 | -7.0446 | 2.4458 | 0.0040 | *** |
| non-EZ: Z -> private_saving | Z_3 | 0.2307 | 0.0993 | 0.0202 | ** |

*Eurozone subsample (time-varying membership). Fixed exchange rate -> different savings adjustment?*